Cable TV

Siti Q2-17 numbers up on higher restated subscription revenues

BENGALURU: The Subhash Chandra led Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 23.6 percent and 2.9 percent year-over-year (y-o-y) growth in operating revenue and EBIDTA including other income for the quarter ended 30 September 2106 (Q2-17, current quarter). The growth in revenue was led by a 33.3 percent y-o-y growth in restated subscription revenue on net billing basis of Rs 135.3 crore (46.8 percent of Total Income from Operations or TIO) as compared to Rs 101.5 crore (43.4 percent of TIO) reported for the corresponding year ago quarter.

However, reported subscription revenue as per published financials in the current quarter increased by just 0.9 percent y-o-y to Rs 139.7 crore (48.3 percent of TIO) from Rs 138.5 crore (59.2 percent of TIO) in the corresponding year ago quarter.

Siti reported TIO of Rs 288.98 crore in Q2-17 or a 23.6 percent y-o-y improvement from the Rs 233.87 crore in Q2-16. EBIDTA including other income for the current quarter was Rs 49.71 crore (17.2 percent margin), for Q2-16 it was Rs 48.30 crore (20.7 percent margin).

Loss in the current quarter was higher at Rs 46.89 crore as compared to a loss of Rs 31.43 crore in Q2-16, but lower than the loss of Rs 53.62 crore in the immediate trailing quarter (Q1-17).

Activation, Carriage and Broadband numbers

Activation fees in the current quarter more than doubled (200.5 percent) y-o-y to Rs 38.3 crore (13.3 percent of TIO) from Rs 19.1 crore (8.2 percent of TIO) in the corresponding year ago quarter. Carriage revenue increased 25.5 percent y-o-y to Rs 75.7 crore (26.2 percent of TIO) in Q2-17 as compared to Rs 60.3 crore (25.8 percent of TIO) in Q2-16.

Broadband revenue increased 167.7 percent y-o-y to Rs 24.9 crore (8.6 percent of TIO) in the current quarter from Rs 9.3 crore (4 percent of TIO) in Q2-16.

The company’s cable TV customer base was stable at 1.22 crore in the current quarter as compared to the immediate trailing quarter. The company had 1.07 crore cable customers in Q2-16. The company says that is now present in 400 plus locations in India serving a total digital subscriber base of 87 lakh customers. For the last quarter the company had reported a digital subscriber base of 84 lakh and 59 lakh for Q2-16.

Siti has added about 28,000 broadband subscribers in Q2-17 taking its subscriber base to 195,000 from 167,000 subscribers in Q1-17. It had a broadband subscriber base of 91,450 in Q2-16.

Let us look at the other numbers reported by Siti

Finance costs in the current quarter reduced to Rs 28 crore (9.7 percent of TIO) from Rs 34.76 crore (14.9 percent of TIO) in the corresponding year ago quarter. Total Expenditure increased 29.3 percent y-o-y to Rs 298.81 crore (103.4 percent of TIO) from Rs 231.04 crore (98.8 percent of TIO) in the corresponding year ago quarter. Employee Benefit Expense increased 21.2 percent y-o-y to Rs 20.7 crore (7.2 percent of TIO) in the current quarter from Rs 17.08 crore (7.3 percent of TIO) in Q2-16.  Carriage sharing, pay channel and related costs in Q2-17 increased 15.6 percent y-o-y to Rs 143.41 crore from (49.6 percent of TIO) Rs 124.01 crore (53 percent of TIO) in Q2-16.

Company speak

Siti executive director & CEO, V D Wadhwa said, “We continue to grow our digital subscriber base steadily with incremental improvements in monetisation seen in certain phases. This could have been significantly better but for the delay in digitization because of pending court cases, which continues to impact monetization in the phase 3 areas. Although the majority of the stay orders have been vacated by the Honourable Delhi High Court, the closure of the balance pending cases will lead to complete switch off of analogue signals, improve monetization and significantly spur the growth of the industry.

The expected implementation of the new Draft Tariff Order will be a game changer and is more beneficial for the distribution platforms post execution. However, the success of the same will lie in its effective implementation.”

Note: The unit of currency in this report is the Indian rupee - Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

Latest Reads
Siti Networks reports improved numbers for FY 2020

The Essel group’s MSO major Siti Networks Limited reported 5.3 percent higher consolidated simple EBIDTA for the year ended 31 March 2020 (FY 2020, year or period under review) as compared to the previous year FY 2019.

Cable TV Local Cable Operators
SITI Networks' FY20 Operating EBITDA surges 1.2X Y-o-Y to Rs.3,538 Mn

SITI Networks Limited (BSE: 532795, NSE: SITINET), an Essel Group Company, one of India’s largest Multi-System Operators (MSO), has released its Consolidated Audited Financial Results for Q4 and full year FY20, ending March 31, 2020.

Cable TV Local Cable Operators
MPA announces launch of APOS 2020 Virtual Series

APOS, the defining voice and global platform for the Asia Pacific media, telecoms and entertainment industry, is shifting online in 2020 with two virtual editions on 21-23 July and 1-3 September 2020.

Cable TV Multi System Operators
Kolkata cable TV network rebuilding after cyclone Amphan

KOLKATA: Amid the Covid2019 crisis, several districts of West Bengal including Kolkata had been devastated by powerful cyclone Amphan last month. Cable TV and broadband service providers are reeling across the state due to huge infrastructural losses. Although the players are putting high effort to...

Cable TV Local Cable Operators
Hathway appoints Pradeep Hejmadi as CMO

MUMBAI: Hathway Cable and Datacom Pvt Ltd appointed Pradeep Hejmadi as the chief marketing officer in April. Among many developments, the appointment went unnoticed. Hejmadi comes with more than two decades of experience in the media and entertainment sector. He was associated with brands like...

Cable TV Multi System Operators
Decoding Covid2019 impact on GTPL Hathway’s cable, broadband business

As the country is struggling with the Covid2019 pandemic, cable TV and internet have acted as the nervous system to keep people informed and entertained. Due to the need of staying connected, the cable and broadband service providers like GTPL Hathway have seen a surge in demand on both sides of...

Cable TV Multi System Operators
GTPL Hathway increases CAPEX in upgrading network, 70% transmitted into GPON technology

Traditional distributors like cable operators are feeling the heat of the competition from a number of easily accessible streaming services. But large multi-system operators are not sitting idle to watch the ruin of their long-built businesses. Hence, constantly upgrading has become the key to...

Cable TV Multi System Operators
Lockdown impact on cable operators: Drop in STB sale and collection from connections

Despite higher viewership of linear television during the lockdown, the cable operators’ business in India has felt the heat of the Covid2019 pandemic. While sales of new set-top boxes and collection for existing connections witnessed a drop, customers down-traded packs.

Cable TV Multi System Operators
BRDS Digital Cable TV & Broadband Services celebrates 25 Years of Cable TV Entertainment Service!

Entertainment is the art of instilling happiness away from the reality of lives. Having served as a medium of entertainment since its inception, Bhima Riddhi Digital Services (BRDS), now Metrocast Network India Pvt. Ltd., is celebrating 25 successful years of providing cable TV entertainment. What...

Cable TV Local Cable Operators

Sign up for our Newsletter

subscribe for latest stories

* indicates required